Tuna processing for export (Photo: VNA)Hanoi (VNA) – Vietnam’saquatic products are forecast to bring home 9 billion USD from exports in 2018,up 7 percent from the previous year, said the Vietnam Association of SeafoodExporters and Producers (VASEP).
With the current export growth andfavourable factors from foreign markets, the country’s aquatic product exportsin the fourth quarter of 2018 are expected to rake in higher export revenuesthan those in the same period last year, standing at 2.5 billion USD.
According to VASEP, shipments of aquaticproduct have showed signs of recovery since August 2018 and enjoyed a growthrate of 8 percent in September, reaching 847 million USD.
The figure brought the nation’s total earningsfrom aquatic product exports in the first nine months of the year to 6.42billion USD, up 6.4 percent year on year. This is a relatively high growth rateas Vietnam’s fishery sector has faced technical barriers and anti-dumping dutiesin several markets. It has also beenimposed a “yellow card” warning by the European Commission after the countryfailed to demonstrate sufficient progress in the fight against illegal,unreported and unregulated (IUU) fishing.
However, Vietnam’s aquatic products havebeen offered bigger opportunities to enter the US market after a series ofhurdles were removed.
Recently, theUS Department of Commerce (DoC) announced the final results of the 12th Periodof Review (POR 12), lowering the anti-dumping tariff on shrimp imports fromVietnam. The POR 12 took place from February 1, 2016 to January 31, 2017.
Specifically, shrimp exported by Sao Ta Foods JSC (FIMEX VN),the only mandatory respondent in the review, and over 30 other local shrimpexporters are subject to an anti-dumping duty of 4.58 percent.
This final rate is much lower than the preliminary rate of25.39 percent, first announced by the DoC on March 8. It is also slightly lowerthan the duty was in the prior period.
Tran VanLinh, Chairman of the Board of Directors of the Thuan Phuoc Seafood and TradingCorporation, said the high anti-dumping tariff is one of the reasons behind a declinein Vietnam’s shrimp exports to the US since 2017. The US’s imposition of a loweranti-dumping duty would facilitate Vietnam’s shrimp exports to this market inthe coming time, he said.
The US is currentlythe third largest import market of Vietnamese shrimps with a annual turnover ofover 600 million USD, accounting for 17 percent of the nation’s total shrimpexport value.
In midSeptember, the DOC also reduced anti-dumping duties on Vietnamese tra and basa(pangasius) fish under its preliminary conclusion of the 14th period of review(POR14) for the period from August 1, 2016 to July 31, 2017.
Accordingly, the preliminary anti-dumping taxes on productsof two mandatory respondents are 0 USD per kilogramme, and 1.37 USD perkilogramme. The tariff for voluntary respondents is 0.41 USD per kilogramme,while the tax imposed on other Vietnamese exporters not examined as mandatoryor voluntary respondents will be 2.39 USD per kilogramme, lower than the finalresults of POR13.
Although the DOC is scheduled to announce the final resultsof POR14 in January 2019, its move to lower the anti-dumping tariffs is seen asa positive signal for Vietnamese catfish exporters.
The FoodSafety and Inspection Service (FSIS) under the US Department of Agriculturerecently proposed that Vietnam would be eligible to export catfish and other fishproducts to the US market.
VASEPSecretary General Truong Dinh Hoe said the FSIS’s move would help improveVietnamese catfish’s prestige and image not only in the US market but alsoother import markets across the globe.-VNA
With the current export growth andfavourable factors from foreign markets, the country’s aquatic product exportsin the fourth quarter of 2018 are expected to rake in higher export revenuesthan those in the same period last year, standing at 2.5 billion USD.
According to VASEP, shipments of aquaticproduct have showed signs of recovery since August 2018 and enjoyed a growthrate of 8 percent in September, reaching 847 million USD.
The figure brought the nation’s total earningsfrom aquatic product exports in the first nine months of the year to 6.42billion USD, up 6.4 percent year on year. This is a relatively high growth rateas Vietnam’s fishery sector has faced technical barriers and anti-dumping dutiesin several markets. It has also beenimposed a “yellow card” warning by the European Commission after the countryfailed to demonstrate sufficient progress in the fight against illegal,unreported and unregulated (IUU) fishing.
However, Vietnam’s aquatic products havebeen offered bigger opportunities to enter the US market after a series ofhurdles were removed.
Recently, theUS Department of Commerce (DoC) announced the final results of the 12th Periodof Review (POR 12), lowering the anti-dumping tariff on shrimp imports fromVietnam. The POR 12 took place from February 1, 2016 to January 31, 2017.
Specifically, shrimp exported by Sao Ta Foods JSC (FIMEX VN),the only mandatory respondent in the review, and over 30 other local shrimpexporters are subject to an anti-dumping duty of 4.58 percent.
This final rate is much lower than the preliminary rate of25.39 percent, first announced by the DoC on March 8. It is also slightly lowerthan the duty was in the prior period.
Tran VanLinh, Chairman of the Board of Directors of the Thuan Phuoc Seafood and TradingCorporation, said the high anti-dumping tariff is one of the reasons behind a declinein Vietnam’s shrimp exports to the US since 2017. The US’s imposition of a loweranti-dumping duty would facilitate Vietnam’s shrimp exports to this market inthe coming time, he said.
The US is currentlythe third largest import market of Vietnamese shrimps with a annual turnover ofover 600 million USD, accounting for 17 percent of the nation’s total shrimpexport value.
In midSeptember, the DOC also reduced anti-dumping duties on Vietnamese tra and basa(pangasius) fish under its preliminary conclusion of the 14th period of review(POR14) for the period from August 1, 2016 to July 31, 2017.
Accordingly, the preliminary anti-dumping taxes on productsof two mandatory respondents are 0 USD per kilogramme, and 1.37 USD perkilogramme. The tariff for voluntary respondents is 0.41 USD per kilogramme,while the tax imposed on other Vietnamese exporters not examined as mandatoryor voluntary respondents will be 2.39 USD per kilogramme, lower than the finalresults of POR13.
Although the DOC is scheduled to announce the final resultsof POR14 in January 2019, its move to lower the anti-dumping tariffs is seen asa positive signal for Vietnamese catfish exporters.
The FoodSafety and Inspection Service (FSIS) under the US Department of Agriculturerecently proposed that Vietnam would be eligible to export catfish and other fishproducts to the US market.
VASEPSecretary General Truong Dinh Hoe said the FSIS’s move would help improveVietnamese catfish’s prestige and image not only in the US market but alsoother import markets across the globe.-VNA
VNA
